I own a freehold premises in Wootton Bridge yet charged rent, why is this and what is this?

It’s unusual for properties in Wootton Bridge and has limited impact for conveyancing in Wootton Bridge but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.

Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges post 1977.

Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.

I am considering applying for a UBS mortgage for purchase of a new build (under development) in Wootton Bridge with 65 per cent LTV. Is it compulsory to choose a solicitor on the conveyancing panel for UBS ?

There is nothing to stop you using your solicitor, but UBS will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.

I need some expedited conveyancing in Wootton Bridge as I am faced with pressure to exchange contracts inside one month. Thankfully I do not need a mortgage. Is it possible to avoid the conveyancing searches to save fees and time?

If.Given you are not obtaining a mortgage you are at free not to do searches although no law firm would suggest that you don't. With plenty of history conveyancing in Wootton Bridge the following are examples of what can show up and adversely affect the marketability of the property: Enforcement Notices, Outstanding Fees, Overdue Grants, Unadopted Roads,...

Over the last few months I have been searching for a flat up to £305k and identified one round the corner in Wootton Bridge I like with a park and station in the vicinity, the downside is that it's only got 49 years on the lease. I can't really find anything else in Wootton Bridge suitable, so just wondered if I would be making a grave error purchasing a short lease?

Should you need a home loan the remaining unexpired lease term may be an issue. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of twenty four months you could ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.

I've recently bought a leasehold flat in Wootton Bridge. Am I liable to pay service charges relating to a period prior to completion of my purchase?

In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

I acquired a 1 bedroom flat in Wootton Bridge, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Wootton Bridge with over 90 years remaining are worth £195,000. The ground rent is £45 per annum. The lease comes to an end on 21st October 2087

With just 63 years unexpired we estimate the price of your lease extension to be between £16,200 and £18,600 as well as professional fees.

The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.